Introducing: Unlock Deposit
We’re excited to announce that we’ve expanded Jetty’s offerings with Unlock Deposit!
With this new product, renters can free up their cash deposits in exchange for a small one time or monthly fee. It’s a natural extension of our core deposit alternative—which, until now, was only available at move-in.
A solution for needs on both sides of the lease
We developed Unlock because of needs we saw from both renters and property owners.
On the renter side, affordability is a larger concern for many than it was at the start of the year. More than 20 million renters now live in households that have suffered COVID-19-related job losses, and millions more are at risk of eviction in the next several months.
Unlock can help address this issue by giving renters access to the cash they have tied up in security deposits—which, for most renters, is a few hundred (or thousand) dollars they otherwise wouldn’t be able to touch until move-out. This way, they can use that cash for rent payments and other expenses.
On the property side, leads are coming in more slowly as fewer people are looking to move, and new lease signings are hitting record lows in certain parts of the country. With Unlock, properties can offset this lack of new leases by improving retention rates. When a cash deposit is returned and the resident can use that cash for other expenses (rather than tying it up in a new deposit elsewhere), there’s a much bigger incentive to stay.
How it works
Up until now, renters could only purchase Jetty Deposit at move-in.
With Unlock, residents at Jetty Partner properties will have the ability to “unlock” the cash deposits they paid at lease signing in exchange for a Jetty policy. These policies are the same as the deposit alternative residents can purchase at move-in, and offer the same coverage to the property.
After a resident purchases Unlock, the property can return their cash deposit in the form of either cash or a rent credit. To simplify this process, Jetty’s marketing team offers pre-written language that can be incorporated into emails that are sent as part of standard deposit workflows.